23.10.2026 22:21
Russian billionaire Roman Abramovich's multibillion-dollar fortune has come back into the spotlight with an investigation launched in the Greek Cypriot administration of Southern Cyprus. Documents uncovered by international investigative journalists alleged that billions of dollars in assets belonging to Abramovich were removed from financial records and that the true size of his fortune may have been concealed. After the allegations, the Greek Cypriot police took action and scrutinized financial transactions from past years.
The Greek Cypriot Administration of Southern Cyprus (GCA) police launched an own-initiative investigation following allegations that Russian billionaire Roman Abramovich's wealth was hidden through Greek Cypriot companies and that tax was evaded. In the probe initiated in line with documents uncovered by BBC Panorama and international investigative journalism organizations, it is alleged that billions of dollars in assets were removed from financial records.
$672 MILLION ASSET CLAIM
In the investigation published by the BBC, it was alleged that the South Cyprus arm of international audit firm Deloitte committed irregularities in the financial records of companies owned by Abramovich. According to the investigation, assets worth a total of $672 million belonging to South Cyprus-based Amiscan Investments, consisting of superyachts, luxury residences and private jets, were removed from the company accounts through backdated documents.
It was claimed that these transactions helped conceal the true size of Abramovich's wealth and avoid paying a large amount of tax.
INVESTIGATION INTO $10 BILLION IN ASSETS
In investigations conducted by BBC Panorama, The Bureau of Investigative Journalism and international investigative journalism organizations, it was alleged that at least $10 billion of Abramovich's assets were concealed with the help of backdated documents prepared between 1999 and 2013.
The investigation examined leaked correspondence and financial documents from South Cyprus-based company MeritServus. It was stated that MeritServus served for many years in the management of companies owned by Abramovich and was linked to Deloitte's South Cyprus arm until 2005.
GREEK CYPRIOT POLICE LAUNCH 6-MONTH INVESTIGATION
Deputy Director of the GCA Police Criminal Investigation Department Andreas Anastasiades said in a statement at the Greek Cypriot Parliament Institutions Committee that they had begun collecting evidence regarding the allegations raised by the BBC.
Anastasiades, noting that the investigation focused especially on financial transactions between 2003 and 2006, stated that the examination would be conducted comprehensively because a long time had passed since the events. Anastasiades, explaining that the investigation could last about 6 months, noted that the documents obtained would be evaluated together with the relevant institutions and that necessary proceedings would be initiated if a criminal element was identified.
AUTHORITY OF AUDIT INSTITUTIONS QUESTIONED
Permanent Secretary of the GCA Ministry of Finance and representative of the Public Oversight Authority for the Audit Profession Andreas Zachariades reported that they had contacted the relevant audit firm and requested a statement.
Zachariades stated that reaching evidence had become difficult because the transactions dated back to 2003-2006. Reminding that the audit institution was established in 2017, Zachariades stated that its powers regarding events before its establishment were legally limited.
DELOITTE REJECTS ALLEGATIONS
Deloitte Cyprus, at the center of the allegations, stated in a statement to the Greek Cypriot press that it could not comment on the details of transactions in past years. The company argued that it carried out its activities in accordance with the laws and audit rules in force.
ABRAMOVICH'S LAWYERS REJECT ALLEGATIONS
Abramovich's lawyers rejected allegations that their client participated in tax evasion or the illegal backdating of documents. The lawyers stated that Abramovich received professional financial and legal advisory services and was not aware of any illegal activity in the transactions in question.
INVESTIGATION RESULT AWAITED
Within the scope of the investigation, no finalized crime determination or conviction decision has yet been announced. While it was stated that the allegations were being examined within the scope of suspicions of tax evasion, money laundering and irregularities in financial documents, the outcome of the investigation is expected to become clear in the coming months.